The U.S. Commodity Futures Trading Commission (CFTC) said it will move to draw up cryptocurrency market structure rules under its own authority if congressional legislation is delayed.

On Aug. 20, blockchain outlet Decrypt reported that CFTC Chair Michael S. Selig (마이클 S. 셀리그) instructed agency staff to review cryptocurrency market structure rules within the scope of existing authority.

Selig said at the first meeting of the CFTC’s Innovation Advisory Committee that passage of the bipartisan market structure bill, the Clarity Act, remains the top priority. He added that if the bill continues to be stalled in Congress, the CFTC will build a regulatory framework itself. "The most important step to future-proof this industry is passing this bipartisan bill," he said.

The Clarity Act contains provisions to create a federal-level basic framework for digital assets and to specify the roles of the CFTC and the Securities and Exchange Commission (SEC) in overseeing crypto markets. Selig stressed that rules created through legislation are harder to overturn even if administrations change in the future.

Taking aim at former SEC Chair Gary Gensler, he said passage of the Clarity Act is "the surest way to prevent another Gary Gensler from waging arbitrary legal battles against individuals and companies here." The remark had in mind costly lawsuits the SEC previously filed against crypto startups.

The scope of rules the CFTC is reviewing is relatively broad. Under the direction outlined by Selig, not only businesses currently registered with the CFTC but also crypto exchanges that are not yet registered could come under the CFTC’s oversight framework. That could include providing leveraged trading or margin-based cryptocurrency trading under separate rules tailored to digital asset markets.

On-chain finance protocols are also under review. Selig instructed staff to consult with developers of on-chain finance protocols to find a path for providing services in the United States in a lawful and compliant way. He said he would "prepare a way for developers to provide protocols in the United States in line with the law."

Discussions over market structure rules are also linked to the White House’s push for legislation. President Donald Trump urged Congress on Aug. 19 to pass a "fair version" of the Clarity Act. The possibility that the CFTC could respond independently if Congress does not act was also highlighted.

Selig said that if the bill continues to be delayed due to Democratic opposition, the CFTC will use its existing authority to build a system for the crypto asset market. As he has already instructed staff to review the form such rules could take, if congressional discussions are delayed further the rule-proposal process could begin quickly.

Trump also said at an Aug. 19 news conference with major crypto industry executives that Selig is working to bring the decentralised perpetual futures exchange Hyperliquid to the United States. Selig said the CFTC would give Congress more time to act on the Clarity Act before taking independent measures. "Rest assured. I will direct CFTC staff to ensure these rule proposals for the industry are made quickly," he said.